{"id":629863,"date":"2024-07-16T00:00:32","date_gmt":"2024-07-16T00:00:32","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=629863"},"modified":"2024-07-15T15:36:19","modified_gmt":"2024-07-15T15:36:19","slug":"bullish-solana-forecast-expert-sees-sol-reaching-50-of-eths-market-cap-this-cycle","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/solana\/bullish-solana-forecast-expert-sees-sol-reaching-50-of-eths-market-cap-this-cycle\/","title":{"rendered":"Bullish Solana Forecast: Expert Sees SOL Reaching 50% Of ETH&#8217;s Market Cap This Cycle"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Solana (SOL), the fifth largest cryptocurrency in the industry, saw a notable resurgence over the weekend, in line with the broader market rally and Bitcoin&#8217;s (BTC) <\/span><a href=\"https:\/\/shenyangcang.com\/news\/bitcoin\/economist-predicts-90-chance-bitcoin-hits-new-high-by-march-2025\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">rebound towards the $63,000<\/span><\/a><span style=\"font-weight: 400\"> mark for the first time in over a week.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">SOL\u2019s price has successfully recovered from the losses of the past few months, surpassing the $150 level and overcoming key resistance walls, coupled with an optimistic statement from Daniel Cheung, co-founder of the hedge fund Syncracy Capital, who believes that SOL is exhibiting similar fractal patterns reminiscent of the third quarter of 2021, potentially leading to explosive gains.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">More Gains Ahead For SOL<\/span><\/h2>\n<p><span style=\"font-weight: 400\">In a <\/span><a href=\"https:\/\/x.com\/HighCoinviction\/status\/76603907\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">social media post<\/span><\/a><span style=\"font-weight: 400\"> on Sunday, Cheung expressed his bullish perspective on SOL\u2019s price action as the token closed the past week on a bullish note, also drawing comparisons to the third quarter of 2021, from which SOL\u2019s price began its rise from a low of $27 at the end of July that year, eventually reaching its current all-time high of $259 in November 2021.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Cheung also drew parallels to the fourth quarter of 2020, highlighting that in both cases, the most significant returns are just around the corner, suggesting that further <\/span><a href=\"https:\/\/shenyangcang.com\/news\/notcoin-not-ignites-crypto-market-analyst-predicts-25-rally\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">price gains<\/span><\/a><span style=\"font-weight: 400\"> are on the cards in the last half of the year, as was the case in 2021.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/shenyangcang.com\/news\/bitcoin\/bitcoin-price-surges-past-63000-the-key-reasons\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Price Surges Past $63,000: The Key Reasons<\/a><\/div>\n<p><span style=\"font-weight: 400\">Cheung further emphasized that Solana is expected to remain a hub for on-chain activity throughout the rest of this market cycle due to its accessibility to retail investors, making it an appealing asset.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The potential introduction of a Solana <\/span><a href=\"https:\/\/shenyangcang.com\/bitcoin-news\/massive-mt-gox-bitcoin-shift-unlikely-to-disrupt-prices-says-cryptoquant-ceo\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">exchange-traded fund <\/span><\/a><span style=\"font-weight: 400\">(ETF), which is anticipated to have a substantial impact on SOL&#8217;s price, coupled with the increasing probability of Trump&#8217;s re-election, serves as additional fuel for the Solana ecosystem, Syncracy Capital\u2019s co-founder stated.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Solana Market Cap Projection<\/span><\/h2>\n<p><span style=\"font-weight: 400\">In an interesting observation, Daniel Cheung also stated that he believes the Solana ecosystem can &#8221; likely&#8221; reach 50% of Ethereum&#8217;s market capitalization this cycle as optimism around the blockchain grows.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Currently, Solana boasts a market cap of $71 billion, significantly lower than Ethereum&#8217;s $403 billion. Still, according to Cheung&#8217;s analysis, if SOL were to reach 50% of <\/span><a href=\"https:\/\/shenyangcang.com\/news\/ethereum\/ethereum-will-reach-8000\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">Ethereum&#8217;s market cap<\/span><\/a><span style=\"font-weight: 400\">, its market capitalization would reach a staggering $280 billion, triggering an exponential rise in SOL&#8217;s price and pushing it to new all-time highs.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/shenyangcang.com\/xrp-news\/xrp-price-bullish-reversal-god-candles\/\" target=\"_blank\" rel=\"noopener \">XRP Price Confirms Bullish Reversal: Crypto Analyst Forecasts \u2018God Candles\u2019 Ahead<\/a><\/div>\n<p><span style=\"font-weight: 400\">It remains to be seen whether this latter scenario will play out, with expectations of a more favorable regulatory framework in the US, with the potential for new legislation for the industry with a Trump victory in the November election and the potential approval of the anticipated Solana <\/span><a href=\"https:\/\/shenyangcang.com\/news\/solana\/solana-bullish-run-sols-5-surge-brings-160-within-reach\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">ETF market<\/span><\/a><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Nonetheless, Solana is trading at $152 at the time of writing, up over 6% in the 24-hour time frame and a significant 438% year-to-date.\u00a0<\/span><\/p>\n<figure style=\"width: 1814px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large\" src=\"https:\/\/www.tradingview.com\/x\/0v0fkDJb\/\" alt=\"Solana\" width=\"1814\" height=\"858\"><figcaption class=\"wp-caption-text\">The daily chart shows SOL&#8217;s price trending upwards. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/7W2R5XTA\/\" target=\"_blank\" rel=\"noopener nofollow\">SOLUSD on TradingView.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Featured image from DALL-E, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Solana (SOL), the fifth largest cryptocurrency in the industry, saw a notable resurgence over the weekend, in line with the broader market rally and Bitcoin&#8217;s (BTC) rebound towards the $63,000 mark for the first time in over a week.\u00a0 SOL\u2019s price has successfully recovered from the losses of the past few months, surpassing the $150 level and overcoming key resistance walls, coupled with an optimistic statement from Daniel Cheung, co-founder of the hedge fund Syncracy Capital, who believes that SOL is exhibiting similar fractal patterns reminiscent of the third quarter of 2021, potentially leading to explosive gains. More Gains Ahead For SOL In a social media post on Sunday, Cheung expressed his bullish perspective on SOL\u2019s price action as the token closed the past week on a bullish note, also drawing comparisons to the third quarter of 2021, from which SOL\u2019s price began its rise from a low of $27 at the end of July that year, eventually reaching its current all-time high of $259 in November 2021.\u00a0 Cheung also drew parallels to the fourth quarter of 2020, highlighting that in both cases, the most significant returns are just around the corner, suggesting that further price gains are on the cards in the last half of the year, as was the case in 2021. Related Reading: Bitcoin Price Surges Past $63,000: The Key Reasons Cheung further emphasized that Solana is expected to remain a hub for on-chain activity throughout the rest of this market cycle due to its accessibility to retail investors, making it an appealing asset.\u00a0 The potential introduction of a Solana exchange-traded fund (ETF), which is anticipated to have a substantial impact on SOL&#8217;s price, coupled with the increasing probability of Trump&#8217;s re-election, serves as additional fuel for the Solana ecosystem, Syncracy Capital\u2019s co-founder stated.\u00a0 Solana Market Cap Projection In an interesting observation, Daniel Cheung also stated that he believes the Solana ecosystem can &#8221; likely&#8221; reach 50% of Ethereum&#8217;s market capitalization this cycle as optimism around the blockchain grows.\u00a0 Currently, Solana boasts a market cap of $71 billion, significantly lower than Ethereum&#8217;s $403 billion. Still, according to Cheung&#8217;s analysis, if SOL were to reach 50% of Ethereum&#8217;s market cap, its market capitalization would reach a staggering $280 billion, triggering an exponential rise in SOL&#8217;s price and pushing it to new all-time highs. Related Reading: XRP Price Confirms Bullish Reversal: Crypto Analyst Forecasts \u2018God Candles\u2019 Ahead It remains to be seen whether this latter scenario will play out, with expectations of a more favorable regulatory framework in the US, with the potential for new legislation for the industry with a Trump victory in the November election and the potential approval of the anticipated Solana ETF market.\u00a0 Nonetheless, Solana is trading at $152 at the time of writing, up over 6% in the 24-hour time frame and a significant 438% year-to-date.\u00a0 Featured image from DALL-E, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":624336,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[6664,14690,91046,83626,86515,92246,84595,89405,85361,90228,86410,83627],"class_list":["post-629863","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-crypto","tag-crypto-news","tag-ethereum-vs-solana","tag-solana","tag-solana-sol","tag-solana-analysis","tag-solana-blockchain","tag-solana-news","tag-solana-price","tag-solana-price-analysis","tag-solusd","tag-solusdt"],"acf":[],"yoast_head":"\n<title>Bullish Solana Forecast: Expert Sees SOL Reaching 50% Of ETH&#039;s Market Cap This Cycle<\/title>\n<meta name=\"description\" content=\"Solana (SOL) saw a notable resurgence over the weekend, in line with the broader market rally 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